Distinguish between the two:

1. Consumer surplus and producer surplus. (2019)

2. (a) How the concepts of national aggregate demand (Keynesian) and real aggregate demand (neo-
classical), leads to economic fluctuations in the economy.

(b) How equilibrium is established in the market under the above (a) approaches. (2018)

3. (a) Analyze three different shapes of Aggregate Supply Curve (Constant, positively sloped and
vertical).

(b) Explain the role of shifts in Aggregate Demand and their impacts on economy in all three types of
Aggregate Supply Curves. Relate such impacts in response to Fiscal policy. (2018)

4. (a) Explain Arc and Cross elasticities and analyze their role in decision making by the consumers.

(b) Point out application of these theories; quote such examples and explain. (2018)

5. How does the indifference Approach to analyzing consumer demand avoid having to measure
utility? Explain. (2017)

6. Explain and prove mathematically that marginal revenue is less than price in case of monopolistic
market structure. (2016)

7. Explain diagrammatically how increase in price generates income and substitution effect for a
normal good? (2016)

8. Deliberate on various theories developed to study the price and money supply relationship. (2016)

9. Explain diagrammatically how increase in price generates income and substitution effect for a
normal good? (2016)

10. Write notes on the following:

a- How would you identify the Supply Curve of the firm under Perfect competition in the long run?
Explain with graph. (10)

b- Do you think that a Monopolistic firm can earn unlimited profit by maximizing the price? (10)
(2015)

11. Using the utility maximization model show that total price effect is equal to the sum of

income and substitution effects.

12. Differentiate between monopoly and perfect competition? How price and output is

determined under monopoly in the short run?

(20)

13. (a) Define and explain the concept of average fixed cost, average variable cost, average total cost
and marginal cost with the help of diagram.

(b) What is the significance of the point where marginal cost is equal to average cost? Describe this
relationship mathematically as well as graphically.

14. Under perfect competition, how the firms earn abnormal and normal level of profits both in the
short run and long run period? Explain with suitable diagram. (2013)

15. Explain as how the Market demand curve can be derived from Indifference curve approach?
(2012)

16. (a) Explain consumer equilibrium by utilizing Cardinal and Ordinal Approaches. (15)

(b) Which approach is better to establish consumer equilibrium and why? (05)

17. (a) Explain the difference between Perfect and Pure Competition. (05)

(b) Establish equilibrium under any one markets, you have explained under (a) above. (2011)

18. What is Consumer’s Equilibrium? How a consumer can be in equilibrium under Ordinal Approach?
(20)

19. How is a firm’s demand curve for a particular variable factor input constructed when there is

(i) Only one variable input, (ii) two variable inputs in the productivity process? (2010)

20. Critically examine the elasticity of demand with reference to Price of the commodity and Income

of the consumer. (20)

21. Differentiate between Perfect Competition and Monopoly. Which one is followed by the real
world? If not, then name the existing one. (2009)

22. The demand function is a static model, while the shifts is demand introduces those dynamics
which render the law of demand invalid. Discuss and explain with the help of diagrams? (20)

23. What is economic profit? Diagrammatically distinguish between profit maximization and
economic profit making and discuss the difference between the limitation of the latter for a monopoly
and a perfectly competitive firm? (20) (2008)